week commencing 08/03/20:

Against an unremittingly bleak backdrop of menacing pandemic, Italian lock down and epic rainfall, new chancellor Rishi Sunak was a breath of fresh air in what has to be the bounciest Budget speech of recent times. So, in the spirit of Sunak – let’s get this week done!


Aon to acquire Willis

An Aon Willis merger on pro forma numbers would create a business with annual revenues over $20bn – outstripping nearest rival Marsh by over 20%. External-link [Insider] Analysts are already querying targeted savings.External-link  [Insurance Day]


BMS ramps up M&A offering

BMS has announced its expansion into M&A with a number of new divisional director hires.External-link  [The Insurer]


Pandemic prep

Hiscox chair cites PPL as critical to business continuity   The Insider . The Corporation has announced the development of ‘emergency trading protocols’ to keep the market open should access to the Lloyd’s building become restricted External-link [Reactions]. Meanwhile, a portion of the World Bank cat bond edges closer to paying out  External-link [The Insurer] and WTW reports that actuarial modelling of Covid 19 is ‘tricky’External-link [Asia Insurance Review]


New York channels Churchill

In the spirit of Churchill’s famous dictumExternal-link KBO, New York State governor Andrew Cuomo recently announced that insurers in the state will offer ‘cancel-for-any-reason’ (CFAR) travel policies.  External-link[Asia Insurance Review]


Partner Re under pressure

Following EXOR’s announcement that it’s selling the company to Covéa External-link [Luther], AM Best has put its Partner Re rating on watch. External-link [Reactions]


Howden exits trade credit

Broking firm Howden is to exit trade credit with the sale of its UK team to Xenia Broking Group. External-link  [Reactions]


AIG embraces the hub

As part of its ongoing drive to remediate underwriting performance, AIG is restructuring its global specialty business within a “hub model” which has London at its core from 1 May. External-link [Insurance Insider]


Climate change denial puts Australia at increased risk

In a new report, the Climate Council lobby group said Australian governments ignored warnings from scientists for at least a decade about an impending bushfire disaster and warned of worse to come if action is not taken. External-link [Bloomberg]


Just in time communication

BDO won top Budget honours this week with a neat infographic and a pithy opinion which hit Luther Towers’ inbox just an hour after the Chancellor sat down. Be more BDO. External-link  [BDO]


 

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